MSAMSA Safety Inc

Orthopedic, Prosthetic & Surgical Appliances & Supplies

Revenue: $1.9B; 3.7% YoY
Operating margin: 19.8%; 7.9% YoY
EBITDA: $443M; 2.2% YoY
Market cap: $6.9B
Employees: 5,300; $354K revenue each
Net debt / EBITDA: 0.9×; $400M net debt
AI in 10-K: 0.6; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
130% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
23% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
28% of assets
Over 40% of assets
Shareholder dissentNo
89% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$354K · 43rd pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.6 per 10K words · 23rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$6.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$4M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.4B	$1.5B	$1.8B	$1.8B	$1.9B	3.7%
Operating income	$23M	$239M	$231M	$389M	$372M	4.5%
Net income	$21M	$180M	$59M	$285M	$279M	2.1%
Operating cash flow	$199M	$157M	$93M	$296M	$364M	23%
Capex	$44M	$43M	$43M	$54M	$68M	26%
Stock-based comp	$19M	$20M	$30M	$18M	$15M	16%
Dividends	$69M	$71M	$73M	$79M	$82M	4.6%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $71K · 1
Open-market sells, 12 mo: $4M · 4
Net: −$4M

Pay vs performance

No pay-versus-performance disclosure yet.